Dallas North Texas Real Estate Sales were up 17% in March 2013

Dallas North Texas Real Estate Sales were up 17% in March 2013 over the same month last year with 96 homes selling this month! So far this year, overall home sales were at 216 homes sold, a change of 28% from last year.

The Texas home market for the first quarter 2013 in the DFW Metroplex has been brisk so far, with a slight shortage of listings in many areas. With both prices and interest rates at historic lows, this is an ideal time to purchase for both new home owners and current home owners moving to larger homes. It is becoming a Sellers market, and with the shortage of listings, quick action is important. It is key to have your financing approved and prequalification work in process to insure a smooth purchase.

New Dallas North Texas real estate listings in March 2013 changed 4% compared to the same period last year with 174 homes listed this month. So far this year, overall home listings have experienced a change of 5%, with 469 homes listed this year. Current listings pending sale this month underwent a change of 27.5%, with 116 homes contracted. Listings under contract for the year to date changed by 28%, with 295 homes under contract for this month.

The average sales price of a home in Dallas North this month was $652,786, a change of 15% from this month last year. Overall, for the year 2013, the average sales price was $618,468, a change of 11%. Sellers received 94.5% of their asking price this month, which is a change of 3% from last year. For the year to date, sellers received 93% of their asking price, a change of 3%. This month, homes spent an average of 62 days on the market until sold, which represents a change of -49% from last year. For the year to date, the average number of days on the market was 76, an overall change of -43%.

The current supply of active listings on the market this month was 366 homes. This is a change of -30% from the same month last year. This month there was a 4.2 month supply of homes on the market; this is a change of -47% from last year. Dallas North real estate is known as area 50 in the North Texas Real Estate Information System. Information is believed reliable but is only as accurate as reported by the system in the month of March 2013.

The DFW Metroplex is also known as the Dallas Fort Worth Arlington Metropolitan Statistical Area, a title designated by the U.S. Census Bureau, which encompasses 12 counties within the state of Texas. The area is divided into two metropolitan divisions: Dallas Plano Irving and Fort Worth Arlington. It is comprised of over 70 cities, both incorporated and unincorporated.

The DFW Metroplex is, by population, the largest metropolitan area in Texas, the largest in the South, the fourth-largest in the United States, and the tenth-largest in the Americas. The DFW Metroplex encompasses over 9,000 square miles of total area, making it larger in area than the U.S. states of Rhode Island and Connecticut, combined. It also has the sixth-largest gross metropolitan product (GMP) in the United States, and is approximately tenth-largest by GMP in the world.